Patrick57G Gallagher
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Offset a loss against GCT
Hi i have sold a BTL and fully understand CGT is due on the asset profit made, my question is that in this tax year also reverted a leasehold property back to the freeholder at a 100% loss because the property was worthless due to construction flaws which made it uninhabitable , uninsurable and un saleable . As the flat was costing us £2000 a year if service charges we had to pass the property back to freeholder or continue to pay these costs with no possibility of ever being able to let the flat or sell it. As the flat cost £58,000 and we got nothing for the flat when we disposed of same can we offset this loss against our current CGT bill .